SMSF Setup

SMSF Setup Process

SMSF Setup Services in Australia

Once you have decided to proceed with an SMSF Setup please reach out to our friendly team where we are able to assist you from start to finish.

The steps required to complete an SMSF Setup include:

  • Choosing the name you would like, for example, the Cooper Super Fund. This name does not need to be unique but the ATO may choose not to register it if they feel it contains swear words or is derogatory.
  • Choose the name for the corporate trustee, this is the company that exists to manage the super fund. It does require a unique name and we also recommend something obvious such as Cooper SMSF Pty Ltd. Remember you will need to check on ASIC if the name you would like is available.
  • We will then provide you with a form to complete which will capture the personal details we need to complete your SMSF setup. These need to be matched with a photo ID, such as a passport or driver’s licence, to pass the verification of identity checks.
  • Clients who are not directors of other companies will need to apply for a Director’s Identification Number (DIN) via the Australian Business Registry Services. This is a government mandated requirement designed to cut down on phoenix operations as well as identity fraud.

Once these steps are completed, we are able to:

  • Work with the SMSF lawyers to complete the legal documents including the SMSF Deed, corporate trustee’ constitution and registry, and the optional binding death nominations for you to consider.
  • Organise the compliance documents including trustee minutes, member applications, ATO trustee declaration forms, and a template for an investment strategy for the trustees to complete.
  • We apply for your ATO Registrations. These are usually instant but, in some circumstances, the ATO can choose to investigate the application further and this will delay the process. There is absolutely nothing that can be done to expedite these, although delays are quite rare. Checkout the ATO website for more information about registration application delays.
  • All funds need to have an Electronic Service Address to receive rollovers from existing super funds and receive employer contributions. This is something we setup for you and is included in our fees, the electronic service address for your new fund will be ‘smsfdataflow’.

The final steps include:

  • Once the ATO registrations are available you will be able to set up a bank account for the fund. There are no restrictions on what bank you are able to use for the SMSF.
  • Once setup, we can prepare and submit rollover paperwork for any existing superannuation accounts you would like to roll over into your new SMSF.

Keep in mind:

  • The ongoing ASIC fee will cost you $63 per year (ASIC tends to put up by a couple of dollars each year) from now on for the SMSF trustee.  This is payable by the SMSF to ASIC directly and is tax deductible.
  • All companies have to have a “registered office” which is staffed 9-5 during standard work days for legal correspondence. This is a service we provide for all our Corporate clients at no charge. This is the reason our office address will appear as the registered office address on your company documents.
  • The SMSF deed will include Binding Death Benefit Nomination forms for all members.  These are used to stipulate what will happen to each member’s benefit in the unfortunate event of their passing.  These are able to be completed at any time and updated as often as needed.

SMSF Setup - ClassWhat does an SMSF Setup Cost?

The total cost of an SMSF Setup is $2,000+GST. This fee is all-inclusive of everything you need to get the fund ready to go including ASIC, legal fees, accounting and getting any existing funds rolled over. 

 In detail this includes:

  • The ASIC (Australian Securities & Investment Commission) fee for setting up a company to act as the corporate trustee 
  • Class Super platform fee which includes the Electronic Service Address allowing the fund to receive rollovers 
  • The setup of the Registered Office Address which then incurs no ongoing charges and is included in our fixed annual fees 
  • Legal costs associated with the creation of the SMSF Deed and associated trustee paperwork such as the consents, constitution, minutes and optional binding death nomination forms. These are completed by our in house SMSF lawyer and can be customised depending on your needs at no additional charge.
  • ATO Trustee Declarations
  • An SMSF Investment Strategy template 
  • ATO registrations including the ABN and TFN applications 
  • Accounting time to organise the transfer/rollover of any existing super accounts into the fund.
From there you will have an annual fee to keep the SMSF accounting and tax returns up to date. For a detailed breakdown of the fixed, all inclusive annual fees please see our SMSF Pricing page.

SMSF Setup - Corporate TrusteeCorporate Trustee Benefits

For an SMSF setup we always recommend corporate trustees as they have numerous long term benefits for the members, including:

  • Administrative ease of not having to change trustees on every piece of investment paperwork if one member of the SMSF dies or decides to leave to fund voluntarily such as in the case of divorce. This extra paperwork may seem trivial at first but working with a grieving family member needing to sign a large number of changeover documents is both expensive and stressful at a time in someone’s life where they least need further paperwork.
  • Super funds cannot exist with a single individual trustee. Therefore for single trustee funds they must use a corporate trustee to be legally compliant. In the case of a fund with two individual trustees this means the death of a trustee it will render the fund non-compliant if only one spouse is left as trustee against causing unnecessary issues.
  • When new members, such as adult children, join the fund then there is no need to rename investments, etc.
  • The cost is minimal as ASIC provides a discounted rate for corporate trustees of self managed super funds as special purpose companies which is currently $63 per annum.
  • Due to these many benefits, combined with a trivial cost, we currently have no clients acting as individual trustees of their SMSF, and it is not an area we look to support.

Do you need help with an SMSF Setup?

Give us a call on 1300 392 544 or get in touch online.

Contact Us

If you’re interested in learning more about our how we can help with your SMSF Setup please reach out for a confidential quote. Simply submit your details and one of our friendly team will be in touch as soon as possible.

Contact Us


Do you want to learn more about our SMSF Setup?

Give us a call on 1300 392 544 or fill in the form above

Contact Us

If you’re interested in learning more about our how we can help with your SMSF Setup please reach out for a confidential quote. Simply submit your details and one of our friendly team will be in touch as soon as possible.

Contact Us Mobile